What amount of gain does juan recognize in the exchange, Accounting Basics

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What amount of gain does juan recognize in the exchange

Juan transferred 100 percent of his stock in Rosa Company to Azul Corporation in a Type B stock-for stock exchange. In exchange, he received stock in Azul with a fair market value of $1,000,000. Juan's tax basis in the Rosa stock was $400,000. What amount of gain does Juan recognize in the exchange and what is his basis in the Azul stock he receives?

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Accounting Basics: What amount of gain does juan recognize in the exchange

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